CNBC’s Contessa Brewer reports on the widespread tech issues that hit sports betting platforms as demand surged during last night’s Super Bowl match up between the Tampa Bay Buccaneers and the Kansas City Chiefs. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
The National Football League’s Super Bowl LV is set to make history on the gambling front.
Sunday’s contest between the Kansas City Chiefs and Tampa Bay Buccaneers is expected to draw $4.3 billion in bets, according to the American Gaming Association (AGA). The firm said 23.2 million people will place the wagers, including 7.2 million online.
Bill Miller, president and CEO of AGA, said the game is expected to be “the largest single-event legal handle in American sports betting history.”
“I think it’s a testament to and further evidence to how pervasive sports betting has always been in our society,” FanDuel CEO Matt King told CNBC on Thursday when discussing the projection. “Part of the reason you’re seeing the legal market grow so much is as states legalize, we are taking market share from the illegal markets.”
Sports gambling is now legal in 20 states after companies joined Virginia’s market this month. Firms used 2020 to build awareness around their mobile apps as they position for legal market share.
According to advertising tech firm MediaRadar, FanDuel, DraftKings, and Bet365 spent a combined $200 million on ads over the last year to draw customers. The firm told CNBC it used aggregated advertising data from media channels including TV, online and print to determine the figure.
With attention now centered on Super Bowl wagers, some interesting bets taking place includes a Texas man flying to Colorado to place a $3.46 million wager with DraftKings on the Bucs, the company told CNBC on Thursday.
The point spread has the Bucs at +3.5. That means they are the underdog team, and to win the bet, the Bucs need to win outright or lose by three. If the man wins, he receives his $3.46 million back, and DraftKings will pay him $2.74 million.
“Looking at the way we have booked the Super Bowl so far, bettors are laying -3 on the Chiefs and taking the Buccaneers at +3.5 as fans try to get the best possible line,” said Johnny Avello, DraftKings’ director of race and bookmaking operations.
On the BetMGM side, a person placed a $2.3 million wager (payout of $2 million) on the Bucs at +3.5, too. The firm also took a money line bet (wagering that a team will win outright) of $180,000 on the Chiefs (-180). A win would net $100,000.
Meanwhile, FanDuel has unique bets, including a prop bet on rushing yards. A bettor can wager any player will rush for more than 100 Yards. If it happens, bettors win $260 on every $100 they bet, and if it doesn’t, the win is $100 for every $370 stake (Yes +260, No -370). The firm notes that less than 20 players have rushed for more than 100 yards in a Super Bowl.”
Another bet: If the opening kickoff will be returned for a touchdown. Bettors can place $100 that it will happen and win $5,500 if it does. FanDuel notes the play has only happened once in the history of the Super Bowl.
King said “same-game parlays” around Super Bowl LV, where bettors can customize and combine a series of unique FanDuel bets to their liking, has been drawing interest.
“They are usually betting $5 on it but find it to be a lot of fun,” said King, adding the company took in roughly $1 billion in overall bets in the first 28 days of the year. “They like to see the biggest odds they can get, and it’s fun to see people interact with that product.”
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